1. Peaking phase Falling phase Rising phase Bottoming phase Q3 2013 U.S. office clock (overall) Source: Jones Lang LaSalle Los Angeles, Miami Dallas, San Francisco Peninsula Houston, San Francisco, Seattle Baltimore, Detroit, New Jersey, Washington, DC Charlotte, Chicago, Columbus, Hampton Roads, Milwaukee, Phoenix, Raleigh- Durham, St. Louis, Westchester County Cleveland, Fairfield County, Sacramento Fort Lauderdale Atlanta, Cincinnati, Minneapolis, Oakland-East Bay, Philadelphia, Portland, San Antonio, San Diego, Tampa Denver Boston, Pittsburgh Indianapolis, New York, Orange County, Richmond, United States Silicon Valley Orlando, West Palm Beach Jacksonville Austin 1

2. Peaking phase Falling phase Rising phase Bottoming phase Q3 2013 U.S. office clock (Core Business District) Source: Jones Lang LaSalle Miami Charlotte, Cleveland, Dallas, Detroit, Jacksonville, Raleigh-Durham, San Antonio, White Plains CBD Houston Orlando, Phoenix, West Palm Beach Fairfield County, Indianapolis Chicago, Columbus, Fort Lauderdale, Hampton Roads, Milwaukee, Richmond, Sacramento, San Diego Cincinnati, Los Angeles, Minneapolis, Oakland CBD Denver San Francisco, Seattle Baltimore, Fort Lauderdale Pittsburgh, Portland Tampa Boston, Philadelphia, San Jose CBD, United States Atlanta, New York (Midtown) New York (Downtown), Washington, DC New York (Midtown South) St. Louis Austin 2

3. Peaking phase Falling phase Rising phase Bottoming phase Q3 2013 U.S. office clock (Suburban) Source: Jones Lang LaSalle Central New Jersey, Detroit, Miami, Northern New Jersey Dallas Houston, San Francisco, Seattle Baltimore, Boston, Los Angeles Atlanta, Charlotte, Chicago, Columbus, Hampton Roads, Lehigh Valley, Philadelphia, Phoenix, Portland (Eastside, Vancouver), Westchester County Cleveland, Fairfield County, Milwaukee, Sacramento, St. Louis, Tampa Fort Lauderdale, Orlando, Washington, DC Cincinnati, Minneapolis, Oakland- East Bay, San Diego, United States Denver, Portland (Westside), Richmond Northern Delaware, Raleigh-Durham Cambridge, San Francisco Peninsula Silicon Valley Southern New Jersey Jacksonville, West Palm Beach Indianapolis, Orange County Austin Pittsburgh 3

4. Construction levels remain below historical norms, but are escalating as demand levels increase and quality space options shrink. Even with the uptick in development levels though, most markets will not see new deliveries enter the market until 2015, presenting challenges for mid-sized and large tenants, especially in CBDs. …